If you ever need to prepare a Form 1045 (Application for Tentative Refund) you will need to make sure that you have gone through a checklist to ensure all the information is in order. Below we will list everything you need to complete a Form 1045 from start to finish.
Checklist for Preparing Form 1045
1. Will Form 1045 be filed within the 12 months following the year in which the net operating loss (NOL) or excess credit occurred? If it will not, an amended tax return should be prepared instead.
2. Has the return for the year of the NOL or excess credit been filed? If it has not, Form 1045 cannot be filed.
3. If it involves a joint refund application, have both spouses signed the form?
4. Has a current and up to date copy of Form 1045 been used?
5. If the carryback is from a joint year to a year with a different spouse or when the taxpayer filed separately, has a schedule been attached to allocate income and deductions accordingly?
6. If the taxpayer is currently divorced or widowed, but was married during one or more of the carryback years, has the social security number of the former spouse been listed on Form 1045?
7. Has Form 1045 been completed? Including Schedules A and B?
8. Have the following schedules and forms been attached to Form 1045:
a. A copy of pages 1 and 2 from the taxpayer’s Form 1040 for the year of the loss or exess credit? Make sure to mark these copies as “information only”.
b. A copy of any Schedules A, D, J, and Form 4952 from the loss or excess credit year?
c. Any form or schedule from the year of the loss or excess credit that contributed to the carryback?
d. Any form or schedule from the carryback year that has been changed due to the carryback?
e. An explanation of how the tax liability for each carryback year was recalculated?
f. If an extension was requested for the year of the loss or excess credit, a copy of this extension request.
g. A copy of any Form 8271 (Investor Reporting of Tax Shelter Registration Number) or Form 8886 (Reportable Transaction Disclosure Statement) that were attached to the return for the year of the loss or excess credit?
If you are able to gather all this information and assemble it correctly when you submit your Form 1045, your application will be processed much quicker than if you have to go back and forth with the IRS because information is missing.